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Free AccessStock Sell-Off Extends as China Risk, Fed Fears Swirl
- European indices all sit sharply lower ahead of the NY crossover, with the Italian FTSE-MIB, Germany's DAX and France's CAC-40 off over 2% apiece. The banking/financials sector is the worst performer, closely followed by materials and consumer discretionary names. Defensive healthcare, utilities and consumer staples names are faring better, but remain in negative territory.
- Concerns over a possible default for China's real estate giant Evergrande have filtered in to European and US trade, with the e-mini S&P off over 1% at pixel time. The pullback in the e-mini S&P puts the index below the 50-dma for the first time since July. Continued weakness would open 4339.75, the Aug 19 low. On the upside, a climb above 4478.50, Sep 16 high is required to ease current bearish pressure.
- Pre-market trade in some of the largest China-exposed companies is also resolutely negative, with the likes of Apple and Tesla both off sharply ahead of the bell.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.